Romanian insurer Allianz-Tiriac's 9-mo gross written premiums rise 3%

The increase came on the back of a strong operating result of 99 million lei in the first nine months of the year, Allianz-Tiriac Asigurari said in a statement.

The premiums in the non-auto insurance segment rose by 14%, while the gross premiums subscribed for life insurance increased by 8%.

These two strategic business lines in the Allianz-Țiriac portfolio have reached almost 50% of the total sales in the first nine months of this year, up from 44% in the same period in 2018.

On the non-auto segment level, health insurance gross premiums jumped by an annual 31% during January-September, while property insurance rose by 10%.The increases in non-auto insurance lines have managed to offset a decrease in premiums subscribed on the compulsory auto insurance (RCA) segment.

"Allianz-Țiriac is currently in a unique position on the insurance market, with a balanced portfolio and a profitable activity, which gives it the financial strength to easily absorb potential shocks. Profit is our insurance policy through which we can provide financial protection to customers," Allianz-Țiriac general manager Virgil Soncutean said.

The amounts paid to clients by Allianz-Tiriac in the form of compensations and allowances increased by 12% year-on-year to over 575 million lei in January-September.

At the end of last year, Allianz-Țiriac ranked second among Romanian insurers with a 12.99% market share, after City Insurance, according to data published by the country's financial regulator ASF in March.

German group Allianz holds a stake of 52.16% in Allianz-Tiriac, Cyprus-registered Vesanio Trading Limited owns 44.48%, while the remainder is held by individual investors, according to data published on the company's website.